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MARCH 7, 2023

Home Blog FICO Responsible AI: Are European Firms Ready for the Regulators? There are significant changes coming in Europe, which highlight getting a handle on responsible AI use, with the banking and financial services sector among those that will be most impacted by increasing regulation.

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PYMNTS

APRIL 16, 2019

Among the most recent headlines, in Asia this past week, the Monetary Authority of Singapore (MAS) and the National Bank of Cambodia have signed a memorandum of understanding (MOU), that Business Times said will boost partnerships on FinTech and financial services innovation. The banks have also agreed to share data on emerging markets.

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PYMNTS

JULY 17, 2018

Banks need the technology of FinTech companies, and tech upstarts need the conduit to customers and installed trust that comes with decades of relationships that span generations. As Bloomberg reported, national banks are exempt from state-level dictates on usury limits.

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PYMNTS

JUNE 14, 2017

Analysts agree that a company should work with partners, advisors and technologies that can help them manage their compliance demand across borders. Not only do regulations vary from jurisdiction to jurisdiction, but the consequences of non-compliance vary greatly, too. The first, unsurprisingly, is regulation.

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Bobsguide

APRIL 30, 2018

National and regional interests have helped to determine the shape of financial regulations in recent years, but politicians and regulators have acknowledged the need to consider the global nature of markets when constructing them. It could be good news for financial technology providers.

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PYMNTS

FEBRUARY 20, 2020

Financial Stability Board (FSB) Chair Randal Quarles has warned global financial regulators that they must accelerate the creation of a framework for cryptocurrency and other forms of digital money, Reuters reported on Wednesday (Feb. He sent the letter ahead of the 2020 IIF G20 Conference happening in Riyadh, Saudi Arabia this weekend, Feb.

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PYMNTS

FEBRUARY 4, 2019

A series of regulations was established to encourage a safer, more transparent financial services environment following the 2008 financial crisis. Failure to meet AML/KYC requirement challenges can be costly for FIs, too, with regulators issuing heavy fines for lax security practices or failure to devote sufficient resources to oversight.

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PYMNTS

FEBRUARY 14, 2020

In perhaps the most sweeping example, the member states of the United Nations have embraced, as part of “sustainable development goals,” a target to “provide legal identity for all, including birth registration,” by 2030. An ambitious goal, to be sure, and one that the U.N.

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PYMNTS

MAY 21, 2020

Patent and Trademark Office that would create a digital currency underpinned by blockchain technology. A central entity may be a central bank which regulates a monetary supply,” the company wrote. “A A central entity may maintain exclusive rights to create or destroy currency in a region such as a nation.

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PYMNTS

FEBRUARY 24, 2020

billion-strong, high-spending consumers and their willingness to adapt to new technologies, trends and products may represent the economy of the future for many banks and businesses, but it is notoriously difficult for firms to enter and compete in this market. Confronting the Chinese Privacy Myth .

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PYMNTS

JANUARY 8, 2019

In addition, Pakistan’s Telenor Microfinance Bank unveiled a cross-border remittance service based on Alipay’s blockchain technology, Indonesia’s KinerjaPay notched an investment of $200 million from a construction firm in the region and mobile payments are on the rise in China.

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PYMNTS

JULY 17, 2019

China represents what he termed a “world of its own,” marked by mature and advanced technology unseen anywhere else in the world. Beyond the technological advances, of course, China’s push toward a digital economy comes as the government has also digitalized the national ID card, which must be wielded by every citizen over the age of 16.

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Bobsguide

APRIL 13, 2022

Dubai, UAE – April 13, 2022 – Finastra today announced that Banque Misr, the second largest national bank in Egypt with international presence, has selected Fusion Trade Innovation and Fusion Corporate Channels to digitalize its trade finance services and provide a premium user experience.

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NCR

SEPTEMBER 1, 2016

At the moment, some parts of this region are still heavily cash dependent, with research from McKinsey and Capgemini suggesting just two per cent of transactions in emerging nations of Asia-Pacific were cashless last year – though this rises to 35 per cent in developed countries. With more than 1.3 India set for a digital boom.

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PYMNTS

MARCH 5, 2018

By offering QR-based digital payments, smaller retailers can achieve these goals and create greater customer stickiness with little to no investment beyond the phone they already have,” said Jorn Lambert, EVP, Digital Channels and Regions, Mastercard. In spring 2018, participating U.S. In spring 2018, participating U.S.

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PYMNTS

FEBRUARY 21, 2018

A regional government in Russia is now working with state-backed VEB, reports in CoinDesk said this week, as authorities explore how to use blockchain “to improve the quality of management decisions.”. As regulators begin to consider blockchain regulations, many have signaled a desire not to hamper innovation while doing so.

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PYMNTS

FEBRUARY 20, 2020

companies, is staying in the EU and will keep some of the EU’s famously stringent data protection rules, the General Data Protection Regulation. has one of the weakest privacy protections of any developed nation. Ireland, which hosts the headquarters of Google and other big U.S. Recent U.S. Britain and the U.S.

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PYMNTS

JANUARY 6, 2020

Turkey announced it would be fully complying with PSD2 in mid-November, and many of the changes to its financial and technology industries will be routine — at least for the financial institutions (FIs) and businesses in markets that have already experienced these shifts. Turkish institutions. Turkish institutions.

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PYMNTS

NOVEMBER 10, 2020

The central bank and several other commercial banks collaborated on a cross-border bank account offering that Pakistanis overseas can use to store rupees and foreign currencies as well as to pay bills and make other transactions in the nation. Check out the Tracker® to read more. About The Tracker.

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PYMNTS

AUGUST 4, 2019

Elliptic collaborated with researchers from the Massachusetts Institute of Technology (MIT) on the data set, which was taken from 200,000 bitcoin transactions worth $6 billion — the largest set of labeled transaction data publicly available in any digital currency in the world. “On CoinDesk reported that investors are expected to move 29.9

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PYMNTS

SEPTEMBER 11, 2019

Different regions have their own unique payment rails, and no two abide by the same regulatory framework. Other initiatives are being spearheaded across regions. Businesses that use real-time payments are more competitive, as the technology is becoming the standard for global commerce. So, what’s the problem? What’s Changing?

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PYMNTS

MARCH 6, 2018

s exit from the bloc next year, the EU’s executive is set to propose a draft law aimed at boosting the FinTech market throughout the region. According to news from Reuters , a document by the European Commission revealed that the law would enable the FinTech sector to grow through crowdfunding and common blockchain technology standards. “An

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PYMNTS

JUNE 4, 2018

has lagged behind other regions (notably Europe, and, for example, the U.K.) In news separate from the sandbox announcement, yet germane to the financial industry in general, loan terms are sweetening, with some regulators starting to worry about looser lending standards, leading to annual lending growth of 3 percent.

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PYMNTS

AUGUST 16, 2019

15) that it will launch regional commercial banking operations in New York and Los Angeles in an effort to grow its corporate client base and connect existing business customers in the markets with its senior banking professionals. The bank announced Thursday (Aug. and offer clients FDIC-insured accounts.

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PYMNTS

AUGUST 1, 2018

Small businesses are essential job generators, and the major driver of economic growth and vibrancy for all regions of the country.”. The report also asked Congress to amend the National Bank Act to authorize the Office of the Comptroller of the Currency (OCC) to issue a federal charter for non-bank financial companies.

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PYMNTS

JUNE 27, 2019

And while the continual drumbeat of announcements from various players looking to find new and inventive ways to apply distributed ledger technology to various parts of Brazil’s financial services industry has something of a tendency to stand out, digital payments and banking news in general has been coming quick and constant.

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PYMNTS

NOVEMBER 29, 2018

As evidence that sandboxes are ever-increasingly a global phenomenon, Kuwait’s central bank put forth guidelines this week that are geared toward companies seeking to meld financial technology (FinTech) and financial services (FinServ). The sandbox, Reuters reported, has four phases.

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PYMNTS

NOVEMBER 18, 2018

A Chinese company that develops facial recognition technology could be facing a ban in the U.S. The cameras are also used to track Muslims coming in and out of mosques in the western Chinese region of Xinjiang, which has led to the detention of thousands of ethnic Uighurs and other Muslim minorities in internment camps.

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PYMNTS

JUNE 27, 2019

s South West Regional Cyber Crime Unit (SW RCCU), in a joint operation with the Dutch police (Politie), Europol, Eurojust and the U.K.’s s National Crime Agency (NCA), have arrested 6 individuals after a 14-month long investigation into a €24 million cryptocurrency theft. In other news, it was announced that the U.K.’s

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PYMNTS

JULY 4, 2018

In addition, the EBA said banks might be burdened with old technology, Reuters reported. The news comes as the EU’s executive is set to propose a draft law aimed at boosting the FinTech market throughout the region as the EU prepares for the U.K.’s s exit from the bloc next year.

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PYMNTS

SEPTEMBER 11, 2019

The push toward digital banking seems an inexorable one, with the technology and demographics acting as tailwinds, and where governments have increasingly gotten into the act of promoting digital banks (the pure-play kind) and making forays into bits and bytes, where once paper and face-to-face transactions reigned. Kill the check.

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PYMNTS

MARCH 25, 2019

Consider the fact that, as noted in the most recent AML/KYC Tracker produced as a collaboration between PYMNTS and Trulioo , money laundering is estimated by the United Nations Office on Drugs and Crime to be an $800 million to $2 trillion-per-year problem, equivalent to 2 percent to 5 percent of the global GDP. The Crypto Factor.

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PYMNTS

FEBRUARY 21, 2018

“We allege that BitFunder operated unlawfully as an unregistered securities exchange,” Marc Berger, director of the SEC’s New York regional office, said in the release. Mehraban, associate regional director of the SEC’s New York regional office, said in the release. “We In a parallel criminal case, the U.S.

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PYMNTS

JUNE 19, 2018

The time for “wait and see” is running out when it comes to new European privacy regulations. Soon enough, the financial and consumer impacts of the General Data Protection Regulation (GDPR) will become clear enough that companies that took a laggard’s approach may start to feel significant pain.

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PYMNTS

SEPTEMBER 24, 2019

The bumpy road cryptos face under scrutiny from regulators (we’re looking at you, Libra ) was a springboard into a larger discussion between Zac Cohen, general manager at Trulioo , and Karen Webster on the challenges FIs and others face when deploying new technologies. It’s difficult to guard against experts in fraud.”.

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CFPB Monitor

DECEMBER 22, 2020

Section 29 of the Federal Deposit Insurance Act and FDIC regulations restrict the acceptance of deposits by IDIs that are less than well capitalized from a “deposit broker.” The term “deposit broker” is defined by Section 29 and the FDIC’s implementing regulations (12 C.F.R. Brokered Deposits. Primary Purpose Exception.

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PYMNTS

JULY 21, 2017

Fraud varies country to country, region to region. As has been widely noted, the region has paved the way for the adoption of EMV, and its embrace by merchants in the EU, mandated though it has been, has steered hackers and criminals to online methods of siphoning funds from consumers and cheating companies.

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